- Q2 FY24 overall comp store sales increased 6%, well above
the Company’s plan, and were entirely driven by customer
traffic
- Q2 FY24 comp store sales at Marmaxx increased 8% and were
entirely driven by customer traffic; saw very strong sales in both
its apparel and home businesses
- Q2 FY24 pretax profit margin was 10.4%, up 1.2 percentage
points versus last year and well above the Company’s plan
- Q2 FY24 diluted earnings per share were $.85, up 23% versus
last year and well above the Company’s plan
- Returned $932 million to shareholders in Q2 FY24 through
share repurchases and dividends
- Increases outlook for FY24 overall comp store sales, pretax
profit margin, and earnings per share
The TJX Companies, Inc. (NYSE: TJX), the leading off-price
apparel and home fashions retailer in the U.S. and worldwide, today
announced sales and operating results for the second quarter ended
July 29, 2023. Net sales for the second quarter of Fiscal 2024 were
$12.8 billion, an increase of 8% versus the second quarter of
Fiscal 2023. Overall comp store sales increased 6%. Net income for
the second quarter of Fiscal 2024 was $1.0 billion and diluted
earnings per share were $.85, up 23% versus $.69 in the second
quarter of Fiscal 2023.
For the first half of Fiscal 2024, net sales were $24.5 billion,
an increase of 6% versus the first half of Fiscal 2023. First half
Fiscal 2024 overall comp store sales increased 4%. Net income for
the first half of Fiscal 2024 was $1.9 billion. For the first half
of Fiscal 2024, diluted earnings per share were $1.62 versus $1.18
in the first half of Fiscal 2023, an increase of 37%, and were up
19% versus last year’s first half adjusted earnings per share of
$1.36, which excluded an $.18 charge related to a write-down of the
Company’s minority investment in Familia.
CEO and President
Comments
Ernie Herrman, Chief Executive Officer and President of The TJX
Companies, Inc., stated, “I am extremely pleased with our second
quarter performance. Our comparable store sales increase of 6%,
pretax profit margin, and earnings per share all significantly
exceeded our plans. Our overall comp sales growth was driven by
customer traffic, which increased at every division. It was
terrific to see Marmaxx, our largest division, drive an 8% comp
sales increase. Our overall apparel and accessories sales were very
strong. Overall home sales significantly improved and returned to
positive comp sales growth, with HomeGoods posting a 4% comp sales
increase. TJX Canada and TJX International also both delivered comp
sales growth and customer traffic increases. With our above-plan
results, we are raising our full-year outlook for comparable store
sales, pretax profit margin, and earnings per share. I want to
recognize the sharp execution of our teams across TJX who focus
every day on bringing customers around the world excellent values
on great fashions and great brands and an exciting, treasure-hunt
shopping experience. The third quarter is off to a very strong
start and we are seeing tremendous off-price buying opportunities
in the marketplace. We are in an outstanding position to continue
shipping fresh and compelling merchandise to our stores and online
throughout the fall and holiday selling seasons. Going forward, we
continue to see excellent opportunities to grow sales and customer
traffic, capture market share, and drive the profitability of our
Company.”
Comparable Store Sales (FY2024 and
FY2023) and Open-Only Comparable Store Sales
(FY2022)
The Company’s comparable store sales by division in the second
quarter of Fiscal 2024 and Fiscal 2023, and open-only comparable
store sales by division in the second quarter of Fiscal 2022 were
as follows:
Second Quarter
FY2024
Comparable Store
Sales1
Second Quarter
FY2023 U.S.
Comparable Store
Sales1
Second Quarter
FY2022
Open-Only
Comparable Store
Sales1,2
Marmaxx (U.S.)3
+8%
-2%
+18%
HomeGoods (U.S.)4
+4%
-13%
+36%
TJX Canada
+1%
N.A.
+18%
TJX International (Europe &
Australia)
+3%
N.A.
+12%
TJX
+6%
N.A.
+20%
1Comparable store sales exclude e-commerce
sites (tjmaxx.com, marshalls.com, homegoods.com, sierra.com,
tkmaxx.com, tkmaxx.de, and tkmaxx.at). See Comparable Store Sales,
below, for further detail on these measures. 2This measure reports
the sales increase or decrease of stores classified as comp stores
at the beginning of Fiscal 2021 for the days they were open in the
second quarter of Fiscal 2022 against sales of those stores for the
same days in Fiscal 2020, prior to the emergence of the COVID-19
global pandemic. 3Combination of Marmaxx (T.J. Maxx and Marshalls)
stores and Sierra stores. 4Combination of HomeGoods and Homesense
stores.
Net Sales by Division
The Company’s net sales by division in the second quarter of
Fiscal 2024 and Fiscal 2023 were as follows:
Second Quarter Net
Sales
($ in millions)1,2
Second
Quarter
FY2024
Reported
Sales Growth
Second
Quarter
FY2024 Sales
Growth on a
Constant
Currency
Basis3
FY2024
FY2023
Marmaxx (U.S.)4
$7,903
$7,236
+9%
N.A.
HomeGoods (U.S.)5
$2,011
$1,856
+8%
N.A.
TJX Canada
$1,223
$1,248
-2%
+2%
TJX International (Europe &
Australia)6
$1,621
$1,503
+8%
+4%
TJX
$12,758
$11,843
+8%
+8%
1Net sales in TJX Canada and TJX
International include the impact of foreign currency exchange
rates. 2Figures may not foot due to rounding. 3Reflects net sales
adjusted for the impact of foreign currency; see Impact of Foreign
Currency Exchange Rates, below. 4Combination of T.J. Maxx and
Marshalls stores and tjmaxx.com and marshalls.com, as well as
Sierra stores and sierra.com. 5Combination of HomeGoods and
Homesense stores, and homegoods.com. 6Combination of T.K. Maxx and
Homesense stores, as well as tkmaxx.com, tkmaxx.de, and
tkmaxx.at.
Margins
For the second quarter of Fiscal 2024, the Company’s pretax
profit margin was 10.4%, well above the Company’s plan and 1.2
percentage points above last year’s second quarter pretax profit
margin of 9.2%. The Company’s above-plan pretax profit margin was
driven by a better-than-expected benefit from lower freight costs
as well as expense leverage on the Company’s above-plan sales.
Gross profit margin for the second quarter of Fiscal 2024 was
30.2%, a 2.6 percentage point increase versus the second quarter of
Fiscal 2023. This increase was driven by a higher merchandise
margin due to a significant benefit from lower freight costs.
Selling, general and administrative (SG&A) costs as a
percent of sales for the second quarter of Fiscal 2024 were 20.1%,
a 1.7 percentage point increase versus the second quarter of Fiscal
2023. This increase was primarily due to higher incentive
compensation accruals, a reserve related to a German government
COVID program receivable, incremental store wage and payroll costs,
and a contribution to the TJX Foundation.
Net interest income benefitted second quarter Fiscal 2024 pretax
profit margin by 0.4 percentage points versus the prior year.
Impact of Foreign Currency Exchange
Rates
Changes in foreign currency exchange rates affect the
translation of sales and earnings of the Company’s international
businesses into U.S. dollars for financial reporting purposes. In
addition, ordinary course, inventory-related hedging instruments
are marked to market at the end of each quarter. Changes in
currency exchange rates can have a material effect on the magnitude
of these translations and adjustments when there is significant
volatility in currency exchange rates. Given the global operations
of the Company, to facilitate comparability, the Company has
provided sales growth and inventory on a constant currency basis,
which assumes a constant exchange rate between periods for
translation based on the rate in effect for the prior period.
The movement in foreign currency exchange rates had a neutral
impact on the Company’s net sales growth in the second quarter of
Fiscal 2024 versus the prior year. The overall net impact of
foreign currency exchange rates had a $.01 negative impact on
second quarter Fiscal 2024 diluted earnings per share.
The movement in foreign currency exchange rates had a neutral
impact on the Company’s net sales growth in the first half of
Fiscal 2024 versus the prior year. The overall net impact of
foreign currency exchange rates had a $.01 negative impact on the
first half of Fiscal 2024 diluted earnings per share.
A table detailing the impact of foreign currency on TJX’s net
sales, pretax earnings, and margins, as well as those of its
international businesses, can be found in the Investors section of
TJX.com.
The foreign currency exchange rate impact to earnings per share
does not include the impact currency exchange rates have on various
transactions, which the Company refers to as “transactional foreign
exchange.”
Inventory
Total inventories as of July 29, 2023 were $6.6 billion,
compared to $7.1 billion at the end of the second quarter of Fiscal
2023. Last year, the Company’s total inventories in the second
quarter reflected the early arrival of merchandise and a larger
in-transit balance as a result of supply chain delays. Consolidated
inventories on a per-store basis as of July 29, 2023, including
distribution centers, but excluding inventory in transit, the
Company’s e-commerce sites, and Sierra stores, were down 6% on both
a reported and constant currency basis. Constant currency basis
reflects inventory adjusted for the impact of foreign currency
exchange rates, if any, as described above. The Company is
well-positioned to take advantage of a marketplace that is loaded
with outstanding quality, branded merchandise and is in a great
position to flow exciting merchandise to its stores and online
throughout the fall and holiday shopping seasons.
Cash and Shareholder
Distributions
For the second quarter of Fiscal 2024, the Company generated
$1.3 billion of operating cash flow and ended the quarter with $4.6
billion of cash. In the second quarter of Fiscal 2024, the Company
paid down $500 million of maturing debt.
During the second quarter of Fiscal 2024, the Company returned
$932 million to shareholders. The Company repurchased a total of
$550 million of TJX stock, retiring 6.7 million shares, and paid
$382 million in shareholder dividends during the quarter. During
the first half of Fiscal 2024, the Company returned a total of $1.8
billion to shareholders, which includes repurchasing a total of
$1.05 billion of TJX stock, retiring 13.2 million shares, and
paying $723 million in shareholder dividends.
The Company continues to expect to repurchase approximately $2.0
to $2.5 billion of TJX stock during the fiscal year ending February
3, 2024. The Company may adjust this amount up or down depending on
various factors. The Company remains committed to returning cash to
its shareholders while continuing to invest in the business to
support the near- and long-term growth of TJX.
Pension Payout Offer
The Company has offered eligible, former TJX Associates who have
not yet commenced their pension benefit an opportunity to receive a
voluntary lump sum payout of their vested pension plan benefit. As
a result, the Company anticipates a non-cash settlement charge,
which may negatively impact Fiscal 2024 earnings per share by
approximately $.01 to $.02. Any actual settlement charge may be
higher or lower depending on participation rates and other factors.
This potential non-cash settlement charge is expected to be
incurred in the third quarter of Fiscal 2024 and would impact the
Company’s pretax profit margin and earnings per share results. The
potential impact of this pension payout offer is not included in
the Company’s Fiscal 2024 outlook below. The Company expects to
exclude the impact of this potential charge from the Company’s
third quarter and full year Fiscal 2024 adjusted pretax profit
margin and adjusted earnings per share results.
Third Quarter, Fourth Quarter, and Full
Year Fiscal 2024 Outlook
For the third quarter of Fiscal 2024, the Company is planning
overall comparable store sales to be up 3% to 4%, pretax profit
margin to be in the range of 11.3% to 11.5%, and diluted earnings
per share to be in the range of $.95 to $.98.
For the fiscal year ending February 3, 2024, the Company is now
planning overall comparable store sales to be up 3% to 4%. For the
53-week fiscal year ending February 3, 2024, the Company is
increasing its expectations for pretax profit margin to a range of
10.7% to 10.8% and diluted earnings per share to be in the range of
$3.66 to $3.72. The Company’s full-year guidance includes an
expected pretax profit margin benefit of approximately 0.1
percentage point and a diluted earnings per share benefit of
approximately $.10 due to the 53rd week in the Company’s Fiscal
2024 calendar. Excluding these expected benefits, the Company now
expects full-year Fiscal 2024 adjusted pretax profit margin to be
in the range of 10.6% to 10.7% and adjusted diluted earnings per
share to be in the range of $3.56 to $3.62.
Based on the Company’s third quarter and full-year Fiscal 2024
outlook, the Company is planning fourth quarter Fiscal 2024 overall
comparable store sales to be up 3% to 4%, pretax profit margin to
be in the range of 10.7% to 10.9% and earnings per share to be in
the range of $1.10 to $1.13. The Company’s fourth quarter Fiscal
2024 outlook includes an expected pretax profit margin benefit of
approximately 0.4 percentage points and a diluted earnings per
share benefit of approximately $.10 due to the extra week in the
Company’s fourth quarter Fiscal 2024 calendar. Excluding these
expected benefits, the Company is planning fourth quarter Fiscal
2024 adjusted pretax profit margin to be in the range of 10.3% to
10.5% and adjusted diluted earnings per share to be in the range of
$1.00 to $1.03.
Stores by Concept
During the second quarter ended July 29, 2023, the Company
increased its store count by 19 stores to a total of 4,884 stores
and increased square footage by 0.3% versus the prior quarter.
Store Locations1
Gross Square Feet2
Second Quarter FY2024
Second Quarter FY2024
(in millions)
Beginning
End
Beginning
End
In the U.S.:
T.J. Maxx
1,304
1,305
35.4
35.4
Marshalls
1,189
1,190
33.5
33.6
HomeGoods
901
907
20.9
21.1
Sierra
81
83
1.7
1.7
Homesense
49
49
1.3
1.3
In Canada:
Winners
298
299
8.1
8.1
HomeSense
152
154
3.5
3.6
Marshalls
106
106
2.8
2.8
In Europe:
T.K. Maxx
632
636
17.6
17.7
Homesense
78
79
1.5
1.5
In Australia:
T.K. Maxx
75
76
1.6
1.6
TJX
4,865
4,884
128.0
128.4
1Store counts above include both banners
within a combo or a superstore. 2Square feet figures may not foot
due to rounding.
Comparable Store Sales
For Fiscal 2023 and 2024, the Company returned to its historical
definition of comparable store sales. However, while stores in the
U.S. were open for all of Fiscal 2022, a significant number of
stores in TJX Canada and TJX International (Europe and Australia)
experienced COVID-related temporary store closures and
government-mandated shopping restrictions during Fiscal 2022.
Therefore, in Fiscal 2023, the Company could not measure
year-over-year comparable store sales with Fiscal 2022 in these
geographies in a meaningful way. As a result, the comparable stores
included in the Fiscal 2023 measure consisted of U.S. stores only,
which, for clarity, the Company referred to as U.S. comparable
store sales and were calculated against sales for the comparable
periods in Fiscal 2022. For Fiscal 2022, due to the temporary
closing of stores as a result of the COVID-19 global pandemic, the
Company reported open-only comparable store sales. This measure
reported the sales increase or decrease of stores initially
classified as comp stores at the beginning of Fiscal 2021 for the
days they were open in Fiscal 2022 against sales of those stores
for the same days in Fiscal 2020. Comparable store sales for a
category such as home or apparel include sales from merchandise
within such category combined across all divisions at the stores
that fall within the Company’s definition of comparable stores for
such period.
About The TJX Companies,
Inc.
The TJX Companies, Inc. is the leading off-price retailer of
apparel and home fashions in the U.S. and worldwide. As of July 29,
2023, the end of the Company’s second quarter, the Company operated
a total of 4,884 stores in nine countries, the United States,
Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the
Netherlands, and Australia, and seven e-commerce sites. These
include 1,305 T.J. Maxx, 1,190 Marshalls, 907 HomeGoods, 83 Sierra,
and 49 Homesense stores, as well as tjmaxx.com, marshalls.com,
homegoods.com, and sierra.com, in the United States; 299 Winners,
154 HomeSense, and 106 Marshalls stores in Canada; 636 T.K. Maxx
and 79 Homesense stores, as well as tkmaxx.com, tkmaxx.de, and
tkmaxx.at in Europe; and 76 T.K. Maxx stores in Australia. TJX’s
press releases and financial information are available at
TJX.com.
Second Quarter Fiscal 2024 Earnings
Conference Call
At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer
and President of TJX, will hold a conference call to discuss the
Company’s second quarter Fiscal 2024 results, operations, and
business trends. A real-time webcast of the call will be available
to the public at TJX.com. A replay of the call will also be
available by dialing (866) 367-5577 (toll free) or (203) 369-0233
through Tuesday, August 22, 2023, or at TJX.com.
Non-GAAP Financial
Information
The Company has used non-GAAP financial measures in this press
release. Non-GAAP financial measures refer to financial information
adjusted to exclude or include, as applicable, from financial
measures prepared in accordance with accounting principles
generally accepted in the United States (GAAP), items identified in
this press release. Non-GAAP financial measures used in this press
release include sales growth on a constant currency basis,
inventory on a constant currency basis, adjusted pretax profit
margin, and adjusted diluted earnings per share. The Company
believes that the presentation of adjusted financial measures is
useful to investors as it provides additional information on
comparisons between periods by excluding certain items that affect
overall comparability. The Company uses these non-GAAP financial
measures for business planning purposes, to consider underlying
trends of its business, and in measuring its performance relative
to others in the market, and believes presenting these measures
also provides information to investors and others for understanding
and evaluating trends in the Company’s operating results or
measuring performance in the same manner as the Company’s
management. Non-GAAP financial measures should be considered in
addition to, and not as an alternative for, the Company’s reported
results prepared in accordance with GAAP. The use of these non-GAAP
financial measures may differ from similar measures reported by
other companies and may not be comparable to other similarly titled
measures.
Important Information at
Website
Archived versions of the Company’s conference calls are
available in the Investors section of TJX.com after they are no
longer available by telephone, as are reconciliations of non-GAAP
financial measures to GAAP financial measures and other financial
information. The Company routinely posts information that may be
important to investors in the Investors section at TJX.com. The
Company encourages investors to consult that section of its website
regularly.
Forward-looking
Statement
Various statements made in this release are forward-looking, and
are inherently subject to a number of risks and uncertainties. All
statements that address activities, events or developments that we
intend, expect or believe may occur in the future are
forward-looking statements, including, among others, statements
regarding the Company’s anticipated operating and financial
performance, business plans and prospects, dividends and share
repurchases, the Company’s plans related to and expected impact of
a pension payout offer, and third quarter, fourth quarter, and
Fiscal 2024 outlook. These statements are typically accompanied by
the words “aim,” “anticipate,” “aspire,” “believe,” “continue,”
“could,” “should,” “estimate,” “expect,” “forecast,” “goal,”
“hope,” “intend,” “may,” “plan,” “project,” “potential,” “seek,”
“strive,” “target,” “will,” “would,” or similar words, although not
all forward-looking statements contain these identifying words.
Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
Applicable risks and uncertainties include, among others, execution
of buying strategy and inventory management; customer trends and
preferences; competition; various marketing efforts; operational
and business expansion; management of large size and scale;
COVID-19 or other public health and public safety issues that
affect our operations and consumers; merchandise sourcing and
transport; data security and maintenance and development of
information technology systems; labor costs and workforce
challenges; personnel recruitment, training and retention;
corporate and retail banner reputation; evolving corporate
governance and public disclosure regulations and expectations with
respect to environmental, social and governance matters; expanding
international operations; fluctuations in quarterly operating
results and market expectations; inventory or asset loss; cash
flow; mergers, acquisitions, or business investments and
divestitures, closings or business consolidations; real estate
activities; economic conditions and consumer spending; market
instability; severe weather, serious disruptions or catastrophic
events; disproportionate impact of disruptions in the second half
of the fiscal year; commodity availability and pricing;
fluctuations in currency exchange rates; compliance with laws,
regulations and orders and changes in laws, regulations and
applicable accounting standards; outcomes of litigation, legal
proceedings and other legal or regulatory matters; quality, safety
and other issues with our merchandise; tax matters; and other
factors that may be described in our filings with the Securities
and Exchange Commission (the “SEC”), including our most recent
Annual Report on Form 10-K filed with the SEC. You are encouraged
to read our filings with the SEC, available at www.sec.gov, for a
discussion of these and other risks and uncertainties. We caution
investors, potential investors and others not to place considerable
reliance on the forward-looking statements contained in this
release. The forward-looking statements in this release speak only
as of the date of this release, and we do not undertake any
obligation to publicly update or revise our forward-looking
statements, even if experience or future changes make it clear that
any projected results expressed or implied in such statements will
not be realized.
The TJX Companies, Inc. and
Consolidated Subsidiaries
Financial Summary
(Unaudited)
(In Millions Except Per Share
Amounts)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
July 29, 2023
July 30, 2022
July 29, 2023
July 30, 2022
Net sales
$
12,758
$
11,843
$
24,541
$
23,249
Cost of sales, including buying and
occupancy costs
8,910
8,571
17,284
16,794
Selling, general and administrative
expenses
2,559
2,175
4,797
4,269
Impairment on equity investment
—
—
—
218
Interest (income) expense, net
(38
)
11
(75
)
30
Income before income taxes
1,327
1,086
2,535
1,938
Provision for income taxes
338
276
655
541
Net income
$
989
$
810
$
1,880
$
1,397
Diluted earnings per share
$
0.85
$
0.69
$
1.62
$
1.18
Cash dividends declared per share
$
0.3325
$
0.295
$
0.665
$
0.59
Weighted average common shares –
diluted
1,161
1,178
1,163
1,184
The TJX Companies, Inc. and
Consolidated Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
July 29, 2023
July 30, 2022
Assets:
Current assets:
Cash and cash equivalents
$
4,550
$
3,531
Accounts receivable and other current
assets
1,203
1,221
Merchandise inventories
6,585
7,083
Total current assets
12,338
11,835
Net property at cost
6,166
5,390
Operating lease right of use assets
9,406
8,987
Goodwill
95
97
Other assets
917
782
Total assets
$
28,922
$
27,091
Liabilities and shareholders' equity:
Current liabilities:
Accounts payable
$
4,438
$
4,085
Accrued expenses and other current
liabilities
4,261
3,990
Current portion of operating lease
liabilities
1,618
1,572
Current portion of long-term debt
—
500
Total current liabilities
10,317
10,147
Other long-term liabilities
915
917
Non-current deferred income taxes, net
132
67
Long-term operating lease liabilities
8,089
7,706
Long-term debt
2,861
2,857
Shareholders’ equity
6,608
5,397
Total liabilities and shareholders'
equity
$
28,922
$
27,091
The TJX Companies, Inc. and
Consolidated Subsidiaries
Condensed Statements of Cash
Flows
(Unaudited)
(In Millions)
Twenty-Six Weeks Ended
July 29, 2023
July 30, 2022
Cash flows from operating activities:
Net income
$
1,880
$
1,397
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
467
438
Impairment on equity investment
—
218
Deferred income tax provision
16
26
Share-based compensation
70
58
Changes in assets and liabilities:
(Increase) in accounts receivable and
other assets
(15
)
(98
)
(Increase) in merchandise inventories
(734
)
(1,207
)
(Increase) decrease in income taxes
recoverable
(28
)
2
Increase (decrease) in accounts
payable
619
(311
)
(Decrease) in accrued expenses and other
liabilities
(206
)
(516
)
Increase in net operating lease
liabilities
0
6
Other, net
17
(7
)
Net cash provided by operating
activities
2,086
6
Cash flows from investing activities:
Property additions
(820
)
(693
)
Purchase of investments
(17
)
(21
)
Sales and maturities of investments
18
11
Net cash (used in) investing
activities
(819
)
(703
)
Cash flows from financing activities:
Payments on debt
(500
)
—
Payments for repurchase of common
stock
(1,041
)
(1,307
)
Cash dividends paid
(725
)
(655
)
Proceeds from issuance of common stock
81
50
Other
(29
)
(33
)
Net cash (used in) financing
activities
(2,214
)
(1,945
)
Effect of exchange rate changes on
cash
20
(54
)
Net (decrease) in cash and cash
equivalents
(927
)
(2,696
)
Cash and cash equivalents at beginning of
year
5,477
6,227
Cash and cash equivalents at end of
period
$
4,550
$
3,531
The TJX Companies, Inc. and
Consolidated Subsidiaries
Selected Information by Major
Business Segment
(Unaudited)
(In Millions)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
July 29, 2023
July 30, 2022
July 29, 2023
July 30, 2022
Net sales:
In the United States:
Marmaxx
$
7,903
$
7,236
$
15,269
$
14,107
HomeGoods
2,011
1,856
3,977
3,892
TJX Canada
1,223
1,248
2,261
2,330
TJX International
1,621
1,503
3,034
2,920
Total net sales
$
12,758
$
11,843
$
24,541
$
23,249
Segment profit:
In the United States:
Marmaxx
$
1,084
$
933
$
2,112
$
1,837
HomeGoods
175
50
319
172
TJX Canada
192
197
309
324
TJX International
32
105
70
118
Total segment profit
1,483
1,285
2,810
2,451
General corporate expense
194
188
350
265
Impairment on equity investment
—
—
—
218
Interest (income) expense, net
(38
)
11
(75
)
30
Income before income taxes
$
1,327
$
1,086
$
2,535
$
1,938
The TJX Companies, Inc. and Consolidated
Subsidiaries Notes to Consolidated Condensed Statements
- During the second quarter ended July 29, 2023, the Company
returned $932 million to shareholders, repurchasing and retiring
6.7 million shares of its common stock at a cost of $550 million on
a "trade date" basis and paying $382 million in shareholder
dividends. During the six months ended July 29, 2023, the Company
returned $1.8 billion to shareholders, repurchasing and retiring
13.2 million shares of its common stock at a cost of $1.05 billion
on a "trade date" basis and paying $0.7 billion in shareholder
dividends. In February 2023, the Company announced that the Board
of Directors had approved a new stock repurchase program that
authorized the repurchase of up to an additional $2.0 billion of
TJX common stock from time to time. Under this program and a
previously announced program, TJX had approximately $2.5 billion
available for repurchase as of July 29, 2023. TJX records the
repurchase of its stock on a cash basis, and the amounts reflected
in the financial statements may vary from the above amounts due to
the timing of settlement of repurchases.
- During Fiscal 2023, the Company announced and completed the
divestiture of its minority investment in Familia. As a result, the
Company recorded an impairment charge of $218 million in the first
quarter of Fiscal 2023 representing the entire carrying value of
the investment. This charge had a $0.19 negative impact on diluted
earnings per share for the first quarter of Fiscal 2023.
Subsequently, the Company realized a $54 million tax benefit when
the Company completed the divestiture of this investment during the
third quarter of Fiscal 2023. Together, these resulted in a net
$0.14 negative impact on diluted earnings per share for the fiscal
year ended January 28, 2023.
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version on businesswire.com: https://www.businesswire.com/news/home/20230815811438/en/
The TJX Companies, Inc. Debra McConnell Global Communications
(508) 390-2323
TJX Companies (NYSE:TJX)
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TJX Companies (NYSE:TJX)
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